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US exchange Nasdaq will slash the number of its board members by almost half when it completes its merger with Nordic exchange operator OMX, with several of its directors moving to take seats on the board of the enlarged group.

Nasdaq said in a statement this morning that it will reduce the headcount of its board from 16 to nine. It is set to complete its tie-up with OMX tomorrow.

The board at the enlarged Nasdaq OMX Group, effective as of March 1, will comprise of nine Nasdaq nominees, five from OMX and two from Borse Dubai.

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Nasdaq confirmed the final leg of its $4.9bn (€3.2bn) deal to buy OMX two weeks ago. The deal involves Borse Dubai flipping OMX on to Nasdaq in return for cash and stock, marking the formation of Nasdaq OMX.

Robert Greifeld, chief executive of Nasdaq, said: "This is the final milestone of the transaction. Borse Dubai's successful tender for OMX shares paved the way for Nasdaq to create the world's largest exchange company that will set the standard for global electronic trading and public company services, and provide premier infrastructure for financial markets around the world."

The announcement came just two days after the Qatari Investment Authority, a sovereign wealth fund, sold its 10% stake in OMX to Borse Dubai, leaving the holding company with 97% of OMX stock.

Once the two exchanges have merged, Greifeld will serve as Nasdaq OMX’s chief executive. OMX's chief executive Magnus Böcker will serve as president and Bäckström as vice-chairman.